13 Tips for Starting Up in a New Industry
Don't be afraid to explore foreign territory. We asked successful young entrepreneurs for their most poignant pieces of advice for founders starting up in an unfamiliar industry.
The Young Entrepreneur
Council asked 13 successful young entrepreneurs for their best tips for
starting a new business in an unfamiliar industry. Here are their best answers.
1. Don't Be Afraid to Ask Questions
If you're new to an
industry, don't cower at networking events or do the "smile-and-nod"
when you're speaking to someone with deep industry expertise. Instead, use
every interaction as an opportunity to learn. People will be excited to answer
your questions--while you may worry that your queries will come off as
ignorant, most likely, the other person will interpret them as engaged
interest! --Doreen Bloch, Poshly
2. Study Top Direct Response Advertisers
Find the top direct
response advertisers--the companies spending money every month--in your
industry and study their ad copy. Respond to the ads and document their entire
sales process. The top advertisers have already figured out the best method(s)
to generate leads and sales and maximize lifetime value, so start with what's
working for them.
3. Find a Mentor
A mentor is pretty much your most powerful asset
in any new industry. By finding a mentor willing to work with you, you can
learn from their mistakes, accelerate your growth using their knowledge,
insight and strategies, and get pre-qualified introductions to big players in
your space.
4. Leverage your Fresh Perspective
Get rid of all preconceived notions and fully
immerse yourself in every aspect of the industry to gain a true understanding
of the market and opportunities. Take advantage of the fact that you're not
biased and that you bring a fresh perspective and viewpoint, potentially
providing you with a strong competitive advantage. --John Berkowitz, Yodle
5. Talk to Customers and Partners Every
day
In any start-up, you don't know what you don't
know. This is especially true when you're entering an unfamiliar industry. Get
started through research, studying the compeition and talking to mentors. But
in order to refine your business and make sure that you are providing great
value, you must chat with your customers every day. Figure out their greatest
pain points and deliver against them. --Aaron Schwartz, Modify Watches
6. Presume Ignorance
If you're starting up in an unfamiliar industry,
do not presume that you know the answers. In fact, assume the opposite and open
yourself up to learning. Talk to as many people in the industry as possible,
ask lots of questions, get to know key players and connectors, and marinate in
this new knowledge.
7. Reconsider Whether It's the Right
Industry
There are pros to tackling an industry you're
unfamiliar with (fresh perspective, for example), but mostly, it's cons.
Without an understanding of how an industry works, who matters in the space,
and what competition already exists, succeeding in entrepreneurship just
becomes more impossible (though, hey, don't let that stop you!). --Derek Flanzraich, Greatist
8. Attend a Trade Show...
There is usually a
national or international trade show or conference in every industry, where the
"who's who" all gather in one place. This is an event that you should
be at. You'll have the chance to learn the lay of the land, meet hundreds of
people in person and learn about what's new in your industry. It's also a great
place to form new partnerships. Bring lots of business cards! --Luke Burgis, ActivPrayer
9...And Meet Your Match There!
Go to a trade show or networking event of the
industry and notice who seems to have a strong presence, who knows everyone,
and who is everyone talking about. Become friendly and close with that person,
if they will let you. You can cut off a lot of trial and error time with the
expert guidance!
10. Hire a Trustworthy Lawyer
A few years ago I
started my first business after over 10 years of working for non-profits. I
found myself so lost. I was signing documents and agreeing to things left and
right. Because I didn't have my own personal lawyer or legal team advising me,
I agreed to some of the dumbest terms in the history of the world and it
eventually came back to bite me in the ass. I'll never do that again. --Shaun King, HopeMob
11. The Devil Is in the Details
Make sure that you try and plan as much as you
can, but don't let it get you so bogged down that you don't actually do
something. Know that there will be something you miss, accept that, and move
forward.
--Jordan Guernsey, Molding Box
12. Learn Why Others Have Failed
People naturally want to
emulate success by analyzing successful business models, but I think it's more
important to learn from companies that failed. There can be thousands of
factors that contribute to business success, but when a business fails, it's
often easy to pinpoint the the reasons...and avoid making the same mistakes yourself.
13. Accept Help from the Experienced
Reach out to your advisors. They want to help
you in your new adventure, and it is your responsibility to let them.
By: Young Entrepreneur Council
Source: Inc.
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